546, Saint Mary Street, Seton Hill, Sowebo, Baltimore, Maryland, 21201, United States
Discover the convenience of owning a turn-key, fully equipped 3-unit apartment building in the heart of Seton Hill, a historic neighborhood nestled quietly in Downtown Central Baltimore. Tenants enjoy easy access to both the University of Baltimore and the University of Maryland. The property boasts modernized electrical, plumbing, and mechanical systems, along with high-quality finishes throughout the spacious living areas. Move into Apartment 2 and let the other units help pay your mortgage!
A detached home, boasting four levels of living space, overlooks the West entry of Saint Mary’s Park. Saint Mary’s Park is the largest open green space in downtown Baltimore on the West Side, allowing tenants to enjoy large, grassy areas and mature shade trees. Living spaces are bright and inviting, with new hardwood floors, some exposed brick, recessed lighting and large room sizes. Kitchens feature modern wood shaker cabinets and granite countertops, which offer timeless aesthetics and attract top-notch tenants. All kitchens have 5-burner gas ranges, over-the-range microwaves, stainless steel sinks with garbage disposals and dishwashers. Bathrooms have modern vanities, fiberglass tubs with easy to clean ceramic tile tub-surrounds and ceramic tile floors. A full-sized washer and dryer is in each utility room.
The gut rehab was completed in 2018. All systems are energy-efficient, saving tenants money on utility bills. Wood replacement windows on the front of the building adhere to CHAP guidelines, while double-hung, vinyl replacement windows offer easy functionality throughout the rest of the building, in addition to keeping cool air or heat inside. Each unit is separately metered, with 4 total electric meters and 3 gas meters. 90% gas-fired Airtemp furnaces with central air conditioning and 40-gallon electric Bradford White water heaters serve each apartment. All observable water supply lines are C-PVC, and observable drain lines are PVC.
The proximity of 546 Saint Mary to two major universities, neither of which provides on-campus housing, positions it at the heart of an ongoing demand for nearby student housing. The University of Maryland Medical Center is also a quick 5-minute walk away. Downtown professionals enjoy being very close to Mount Vernon, a popular neighborhood with upscale dining options and great nightlife, in addition to symphony halls and museums. WalkScore.com gives 546 Saint Mary a WalkScore of 91, a Rider’s Paradise Transit score of 100, and is very bikeable, with a 79 Bike Score.
$183,333 Per Unit
$154 Per Sq. Ft.
12.2 Times Actual Rents (GRM)
9.4 Times Market Rents (GRM)
8.55% Cap Rate
8.5% Projected Cash-on-Cash Return
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman